BROOKSIDE ENERGY LIMITED — Capital/Financing Update 2012

Feb 16, 2012

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----- Start of picture text ----- ASX AnnouncementFebruary 17, 2012----- End of picture text -----

Red Fork Energy Limited ACN 108 787 720

Level 2, 79 Hay Street Subiaco Western Australia 6008 PO Box 1424 West Perth WA 6872

Progress Report Blair #1-24H Well Noble County, Oklahoma

Telephone +61 8 9200 4470 Facsimile +61 8 9200 4471

Contact

David Prentice Managing Director david.prentice@redforkenergy.com.au

Website

www.redforkenergy.com.au

Oklahoma based (Australian Securities Exchange listed) oil and gas exploration and production company, Red Fork Energy Limited (“Red Fork” or the “Company”) is pleased to provide the following update on operations at the Blair #124H well, in Noble County Oklahoma.

Current operations include moving in equipment and rigging up a Jerry Scott “top drive” Rig #5 to spud this well. Equipment is currently being moved on location and the Company expects this well to spud next week.

Directors

Michael Fry (Chairman) David Prentice (Managing Director) Perry Gilstrap (Director Operations) Bruce Miller (Director Resources) Steve Miller (Non-Executive Director)

ASX Code

The Blair #1-24H well will be drilled in Noble County as a 9,000’ plus horizontal Mississippi test.

This Jerry Scott rig has been contracted to Red Fork for 12 months. Importantly, this larger more powerful rig is expected to significantly reduce the drilling time for these horizontal wells.

RFE (Fully Paid Ordinary Shares)

Further updates will be provided as operations continue.

Yours faithfully

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David Prentice Managing Director

Forward Looking Statements

This announcement contains “forward-looking statements”. Such forward-looking statements include, without limitation: estimates of future earnings, the sensitivity of earnings to oil & gas prices and foreign exchange rate movements; estimates of future oil & gas production and sales; estimates of future cash flows, the sensitivity of cash flows to oil & gas prices and foreign exchange rate movements; statements regarding future debt repayments; estimates of future capital expenditures; estimates of reserves and statements regarding future exploration results and the replacement of reserves; and where the Company expresses or implies an expectation or belief as to future events or results, such expectation or belief is expressed in good faith and believed to have a reasonable basis. However, forward looking statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from future results expressed, projected or implied by such forward-looking statements. Such risks include, but are not limited to oil and gas price volatility, currency fluctuations, increased production costs and variances in reserves or recovery rates from those assumed in the company’s plans, as well as political and operational risks in the countries and states in which we operate or sell product to, and governmental regulation and judicial outcomes. For a more detailed discussion of such risks and other factors, see the Company’s Annual Reports, as well as the Company’s other filings. The Company does not undertake any obligation to release publicly any revisions to any “forward looking statement” to reflect events or circumstances after the date of this release, or to reflect the occurrence of unanticipated events, except as may be required under applicable securities laws.

www.redforkenergy.com.au